Mirae Asset Nifty India Manufacturing ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Nifty India Manufacturing ETF FoF Direct Growth Plan currently has an NAV of ₹19.98 as of 16 Sep 2026 and scheme AUM of ₹129 Cr. Its 1-year, 3-year and 5-year returns are 3.57%, 16.19% and 0%, respectively, and the fund sits in the High Risk category.

Our view is that this is a compact, focused fund with a concentrated structure and a return profile that has been stronger over 3 years than over the latest 1-year window. The benchmark comparison also matters: the fund has held up better than the benchmark over 1 year and 3 years, but the longer history is still relatively short, so investors need to judge it mainly as a thematic manufacturing exposure rather than a broad core holding.

Quick facts

Particular	Details
NAV	₹19.98 as of 16 Sep 2026
AUM	₹129 Cr
Expense Ratio	0.06%
Launch Date	31 Jan 2022
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
Exit Load	0.05% on or before 15D, Nil after 15D
Fund Managers	Ekta Gala, Vishal Singh

The fund is managed by Ekta Gala and Vishal Singh.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.85%	-4.41%
3M	-2%	-3.6%
1Y	3.57%	-7.76%
3Y	16.19%	5.74%
5Y	Data not available	Data not available

The recent 1-month and 3-month numbers show that the fund has not moved in a straight line. The 1-month decline was deeper than the benchmark, while the 3-month loss was milder than the benchmark, which tells us the short-term path has been uneven rather than one-directional.

Over 1 year, the fund has done much better than the benchmark because the fund finished positive while the benchmark stayed negative. That gap suggests the portfolio has benefited from its own composition, even though the last few weeks have been soft.

The 3-year picture is still the stronger one. The fund’s 3-year return of 16.19% stands well above the benchmark’s 5.74%, so the medium-term compounding record is clearly better than the index behaviour over the same stretch.

We would treat the 5-year slot carefully because the fund was launched in 2022, so a full 5-year return is not available. For investors, the more useful takeaway is that the fund has shown some ability to recover and compound over 3 years, but the latest month-to-month pattern is choppier than the longer horizon suggests.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Mirae Asset Nifty India Manufacturing ETF FoF?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

Already holding Mirae Asset Nifty India Manufacturing ETF FoF? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Mirae Asset Nifty India Manufacturing ETF FoF Direct Growth Plan	3.57%	16.19%	Data not available
DSP Silver ETF FoF Direct Growth Plan	74.79%	Data not available	Data not available
UTI Silver ETF FoF Direct Growth Plan	73.31%	45.21%	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	72.38%	45.03%	Data not available
Tata Silver ETF FoF Direct Growth Plan	69.73%	Data not available	Data not available
UTI Gold ETF FoF Direct Growth Plan	35.4%	35.95%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On recent numbers, the fund trails the stronger peer return figures by a wide margin: the silver and gold ETF FoFs in this comparison have much higher 1-year returns than this manufacturing fund. That tells us the short-term return backdrop is clearly less powerful than the stronger peer set.

The longer view is more mixed. The fund’s 3-year return is lower than the 3-year numbers available for UTI Silver ETF FoF Direct Growth Plan, ICICI Pru Silver ETF FOF Direct Growth Plan and UTI Gold ETF FoF Direct Growth Plan, but it still shows a positive 3-year record while several peer rows do not provide a 3-year figure.

So the peer story is not the same across time frames. Short-term comparison looks weak versus the listed peers, while the longer-term record is steadier and shows positive compounding, even if the available peer data remains stronger in absolute terms.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset Nifty India Manufacturing ETF	Domestic Mutual Funds Units	100%

The portfolio is entirely invested in a single disclosed holding, so the fund’s exposure is highly focused at the visible level. The largest holding itself accounts for 100% of the disclosed portfolio, which means the holding structure is as concentrated as it can be within the visible basket.

Because the disclosed holdings list contains only one line, there is no fall-off from a first position to a tenth position to analyse. That makes the portfolio easier to understand, but it also means performance may be driven almost completely by the underlying ETF leg rather than by any spread across multiple positions.

With a combined disclosed weight of 100% across 1 holding, the structure may leave less room for diversification benefits inside the visible portfolio. Investors should read this as a narrow, focused exposure rather than a broad multi-holding mix.

Source data date: as of 16 Sep 2026

Who should invest

This fund is suited to investors who can tolerate High Risk and are comfortable with a thematic manufacturing exposure that may be uneven in the short run. The 3-year record is stronger than the latest 1-year stretch, which suggests that a longer horizon matters more than trying to judge it from a few recent months.

The main trade-off is straightforward: the fund offers focused exposure and has outpaced the benchmark over 1 year and 3 years, but the short-term path has been choppy and the portfolio is highly concentrated in one disclosed holding. That combination makes it more appropriate for investors who can stay patient through volatility and are using it as a satellite allocation rather than a stable core holding.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: 0.05% on or before 15D; nil after 15D. There is no exit load after the holding period is completed.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Nifty India Manufacturing ETF FoF Direct Growth Plan?
The current NAV is ₹19.98 as of 16 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?
Its returns are 3.57% over 1 year, 16.19% over 3 years and not available for 5 years because the scheme has not completed that full period.

How does it compare with the benchmark?
It has beaten the benchmark over 1 year and 3 years. The benchmark return is -7.76% over 1 year and 5.74% over 3 years.

How does it compare with the peer funds listed here?
The listed peer returns are much stronger on the 1-year measure, while the fund’s 3-year return is positive and still trails the stronger available 3-year peer figures.

What is the minimum SIP amount?
The minimum SIP amount is ₹99.

Who manages the fund and what is its risk profile?
Ekta Gala and Vishal Singh manage the fund. The scheme is marked High Risk and has a concentrated visible portfolio structure.

Bottom line

Mirae Asset Nifty India Manufacturing ETF FoF Direct Growth Plan has a better medium-term than short-term shape: the 3-year return is stronger than the latest 1-year stretch, and both are ahead of the benchmark. Against the listed peers, the 1-year number looks much weaker, while the 3-year record is positive but still below the stronger available peer figures. The fund’s High Risk tag and single-holding visible portfolio make it a focused, concentrated exposure that may suit patient investors who are comfortable with thematic volatility.

Published on 17 September 2026 at 1:14 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.